Rent increase after buying a property

[Scott Hickey]

Hey guys,

Just wondering what the rules are when it comes to rent increase (I’m in Newfoundland, Canada) I’m looking at buying another rental it comes with tenants that have been there for 5+years there paying below current rent value. Is it common to just put the rates up to what you wish on buying the property. Or does notice have to be given say “6” months to an increase.

Thanks for your help

[Brianne Chard]

You need to check your provincial rules. I'm in Ontario, rent's can only be increased every 12 months, you need to give the tenant 90 days notice and you can only increase the rent by the percentage that is set out by the board.